Yeah, that’s a big one but it goes to the belief of the never ending bank account where the checks never bounce because they never believe the money stream would ever slow down.
Reality about to bite....hard.
“because they never believe the money stream would ever slow down.”
CA is cyclical and the tax base is narrow, with state government deriving about 20% of its revenue from capital gains. The income tax doesn’t really kick in until you’re well over $125k.
So they’ll have another fiscal crash.
And then go back to what they always do...lead the nation in economic growth, income and per capita income, and home ownership and GDP.
It’s sad that such amazing resources are administered by the insane.